Bifacial Solar Market Overview:
The global bifacial solar market is expected to grow at a CAGR of 17.86% during the forecast period 2020-2025. Bifacial solar modules have solar cells on the anterior and posterior of the panel. A bifacial solar module works best with ground installation. The top of each solar module in a bifacial solar unit is covered with protective glass. Solar energy has become one of the key sources of energy. Solar photovoltaic (PV) energy is a major source of renewable energy in the world.
Impact of Covid-19 on the Bifacial Solar Market:
The emergence of COVID-19 has paralyzed the world. We understand that this health crisis has had an unprecedented impact on companies in all sectors. However, that too will pass. Increasing support from governments and various companies can help combat this highly contagious disease. Some industries are struggling and others are prospering. In general, almost all sectors are expected to be affected by the pandemic.
Bifacial Solar Market drivers and restraints:
The price of the photovoltaic module has plunged considerably in recent years. The current leveled cost of electricity (LCOE) of large-scale photovoltaics is in some cases lower than that of fossil fuels. New technological innovations, such as bifacial solar panels, can further reduce the cost of electricity. Around the world, this technology is growing primarily due to its affordability, as the production cost differential between PERC mono bifacial modules and PERC monofacial modules is now as low as half a cent. For manufacturers, adapting bifacial module production to existing monofacial module production facilities is not a big deal either. Despite its growth, the challenge is that there is not sufficient long-term field data to demonstrate its real-world performance under all conditions. It acts as an obstacle to secure finances. In the future, as bifacial solar modules improve their financing capacity and demonstrate their performance, the report believes that it will win the trust of the investment community and gain significant global market share.
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Report segmented as:
1. by Type
- Monocrystalline Solar Panels
- Polycrystalline Solar Panels
- Thin-film Solar Panels
2. by Application
The global bifacial solar market has been segmented into five regions, namely Asia-Pacific, Middle East and Africa, Europe, North America and South America. Asia-Pacific is expected to have the largest share of the market during the forecast period. This is mainly due to the fact that countries in the region are largely focusing on developing renewable energy sources and investing in the field of solar energy, especially in India, China and some countries in South Asia. South. In Asia-Pacific, China had the largest market share in 2018 due to strong government support for renewable energy development. While the bifacial solar market is expected to grow at the fastest CAGR in India and China during the review period due to the high installed base of solar panels. In North America, the United States had the largest market share and is expected to grow at the fastest CAGR during the forecast period, due to ongoing research and development in the United States of bifacial solar power. . However, bifacial solar production is currently low in the United States. In March 2020, the National Renewable Energy Laboratory (NREL) launched a bifacial performance study and will launch test facilities in Colorado. In Europe, Germany and the Netherlands had the largest market shares in 2019. The regional market is expected to grow at the fastest pace during the forecast period, mainly due to the increasing demand for solar installations. . In July 2017, the largest photovoltaic plant in Europe with a bifacial solar system was completed in the Netherlands with 1,428 bifacial solar modules. In the Middle East and Africa, the UAE is expected to be one of the main markets for bifacial solar modules.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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